Technology Sector Ideas

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>>> Apple Inc. (NASDAQ:AAPL) -- 14-day RSI: 32.14

https://finance.yahoo.com/news/11-oversold-blue-chip-stocks-195219274.html

Number of Hedge Fund Holders: 131

Apple Inc. (NASDAQ:AAPL) is a leading technology company focused on the designing, manufacturing, and marketing of smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. It released worldwide the latest version of its flagship smartphone titled iPhone 15, on September 22 last year.

The quarterly revenue of Apple Inc. (NASDAQ:AAPL) increased by 2% on a y-o-y basis in the quarter ended December 30. The company posted a revenue of $119.6 billion and a net income of $33.9 billion, which translated to an adjusted EPS of $2.18.

As of Q4 2023, Apple Inc. (NASDAQ:AAPL) shares were held by 133 of the 933 hedge funds tracked by Insider Monkey, the highest on our list of 11 oversold blue chip stocks to buy right now. Warren Buffett’s Berkshire Hathaway was its biggest shareholder with ownership of 905.6 million shares valued at $174 billion.

In its Q4 2023 investor letter, Wedgewood Partners, an investment management firm, made the following comments about Apple Inc. (NASDAQ:AAPL):

“The Company's services segment revenue growth accelerated to +16% over last year, one of the fastest growth rates since Covid-19 lockdowns, helping drive +11% growth in earnings per share. The strength in the Company's services segment was aided by over 1 billion paid subscribers across Apple's media platforms. We estimate that there are more than 2 billion iOS devices in Apple's global installed base, which still represents a very large addressable share of their current subscriber count. Apple also continues to innovate across its hardware portfolio, with custom silicon for nearly all its device form factors. More recently, the Company launched its new line of Mac computers, which included their M3 family of chips, including the M3 Max, which contains up to an astonishing 92 billion transistors. Apple's long-term strategy of creating products with customized hardware and software should continue to differentiate their products and help drive solid revenue growth and expense leverage across the Company's ecosystem.”

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